The Government has introduced the JobKeeper Payment, which will allow eligible businesses that have been impacted by coronavirus to keep paying wages to certain employees. If you’re eligible for this payment, you will be able to pay $1,500 per fortnight (before tax) to your employees from 30 March 2020 for up to six months. The Government has advised that the first payments will be available from the first week of May.
Employers will be eligible for the subsidy if:
- your business has a turnover of less than $1 billion and your turnover will decrease by more than 30 per cent; or
- your business has a turnover of $1 billion or more and your turnover will be decrease by more than 50 per cent; and
- you are not subject to the Major Bank Levy.
Not-for-profit entities, including charities, and self-employed individuals that meet the turnover tests that apply for businesses can also apply for JobKeeper Payments.
In order to receive the fortnightly payment, you’re employees will be eligible if:
- are currently employer by your (including those stood down or re-hired);
- Were employed by you on 1 March 2020;
- Are full-time, part-time, or long-term casuals (a casual employed on a regular basis for longer than 12 months as at 1 March 2020);
- are at least 16 years of age;
- are an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder; and
- are not in receipt of a JobKeeper Payment from another employer.
Your employees must report a JobKeeper Payment as income, as it this may affect their eligibility for other payments from Services Australia.
You will need to identify your eligible employees and will have to provide monthly updates to the ATO. You will also be required to ensure your eligible employees will receive, at a minimum, $1,500 per fortnight, before tax. It will be up to you if you want to pay superannuation on any additional wage paid because of the JobKeeper Payment.
You can register your interest in applying for the JobKeeper Payment and read through more information at ato.gov.au.
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